Tower Resources expects to spud the NJOM-3 appraisal well offshore Cameroon in early 2025, the company said in an operations update.
In February Cameroon’s government agreed to extend the initial exploration period of the surrounding Thali license to February 2025, due to a lack of clarity on the timing of a Borr Drilling rig that Tower had contracted.
The rig has since been deployed elsewhere, but alternative options have become available.
In addition, an unnamed upstream company has proposed supplying finance for the drilling program via a farm-in. Two other parties have conducted due diligence on the project over the past few months, and Tower also expects a proposal from at least one of these.
In parallel, Tower is in talks with various banks concerning longer-term development financing of the next three wells planned on the offshore Njonji structure, and one for short-term development.
This could help bring NJOM-3 into production earlier, while work continues on the next three wells.
